Economics

Course summary

The syllabus focuses on the key concepts of modern Economics. The subject itself is concerned with the allocation of scarce resources – our ‘wants’ are infinite, but we can provide for only a small number of them. How do we decide what, how and for whom to produce? Why do people, firms and governments make the choices that they do? How do other agents influence those choices? Why and how do governments act to influence other agents? Are such interventions effective? In Microeconomics students will use concepts like demand and supply to learn how markets work (from finance markets to housing markets, clothing and food). We also study the causes and consequences of market failure; would everyone pay for education or health care if they had to? Why would it matter if they didn’t? Why do people make irrational choices? We analyse business economics, labour markets and the distribution of income; is inequality fair? Do people get what they deserve? We also study Macroeconomics which looks at the functioning of the economy (growth, unemployment, inflation, etc). Students gain insight into the debate on the level of government spending versus taxes, the ‘cost of living crisis’ and policies that governments use to manage the economy. We will also introduce the international context incorporating globalisation and trade (e.g. post-Brexit trade). The subject is studied within the context of contemporary life. Economic issues are current and dynamic, and concepts are covered in a way that reflects this.